Foreclosure rates in the U.S. have been falling since the beginning of this year. According to RealtyTrac’s U.S. Foreclosure Market Report, foreclosure filings in the first quarter of 2011 decreased 15 percent from the previous quarter and 27 percent from the first quarter of 2010.
Foreclosure filings were made on 239,795 properties in March, which is a 35 percent decline from March 2010, when 367,056 homeowners received a foreclosure notice. About 215,000 properties were foreclosed on in the first quarter, which is a 17 percent decrease when compared to the first quarter of the previous year. 269,000 properties were scheduled for foreclosure auction in the first quarter, a 27 percent reduction from the first quarter of 2010.
Nevada, Arizona, California, Utah and Idaho were the top five states with the highest foreclosure rates. Despite seeing a ten percent reduction from the previous quarter, Nevada led the way with foreclosure filings on one in every 35 households. Arizona had the second highest rate with one in every 60 homes receiving a foreclosure filing during the first quarter. But these numbers were down 17 percent from the first quarter of 2010. California came in third with a foreclosure filing on one in every 80 houses.
Utah had the fourth highest rate, where one in 98 households was in foreclosure. Idaho posted the fifth highest foreclosure rate, with one in every 106 homes having a foreclosure filing during the first quarter. Georgia, Michigan, Florida, Colorado and Illinois were the other five that made up the top ten states that had 10 percent foreclosure filings in the first quarter. Florida accounted for nearly 9 percent of U.S. foreclosure activity, documenting 58,322 properties with a foreclosure filing during the quarter.
Some of these foreclosure numbers were artificially low because of processing delays, particularly in states where a judicial foreclosure process is utilized. This was attributed to the ongoing federal investigation of the foreclosure process in these states. States where non-judicial foreclosure process is employed had the 20 highest first quarter foreclosure rates among metropolitan areas. Las Vegas continued to remain in the number one position with the country’s highest metro foreclosure rate, where one in every 31 households had a foreclosure filing in the first quarter.
According to the Mortgage Bankers Association’s quarterly National Delinquency Survey, the percentage of homeowners with mortgages that were in foreclosure or seriously delinquent fell during the first quarter of 2010, and improvement in the performance of loans taken out from 2005-07 suggests a sustainable trend.
The serious delinquency rate -- the percentage of loans in foreclosure or delinquent by 90 days or more, was 8.1 percent during the first quarter, down from 8.6 percent during the first quarter of 2010 and 9.54 percent a year ago.
The percentage of mortgages in foreclosure was 4.52 percent, down from a record high of 4.64 percent in the fourth quarter, and the percentage of loans behind by 90 days or more dropped for the fifth consecutive quarter, to 3.58 percent.
Analysts predict a steep increase in foreclosure rates when the federal investigation is completed. When this happens, it will reveal a realistic U.S. foreclosure rate. Real estate pundits predict the market would stabilize when we get an accurate picture of foreclosure filings, and this will help determine the housing market trend for the rest of 2011.
Foreclosure filings were made on 239,795 properties in March, which is a 35 percent decline from March 2010, when 367,056 homeowners received a foreclosure notice. About 215,000 properties were foreclosed on in the first quarter, which is a 17 percent decrease when compared to the first quarter of the previous year. 269,000 properties were scheduled for foreclosure auction in the first quarter, a 27 percent reduction from the first quarter of 2010.
Nevada, Arizona, California, Utah and Idaho were the top five states with the highest foreclosure rates. Despite seeing a ten percent reduction from the previous quarter, Nevada led the way with foreclosure filings on one in every 35 households. Arizona had the second highest rate with one in every 60 homes receiving a foreclosure filing during the first quarter. But these numbers were down 17 percent from the first quarter of 2010. California came in third with a foreclosure filing on one in every 80 houses.
Utah had the fourth highest rate, where one in 98 households was in foreclosure. Idaho posted the fifth highest foreclosure rate, with one in every 106 homes having a foreclosure filing during the first quarter. Georgia, Michigan, Florida, Colorado and Illinois were the other five that made up the top ten states that had 10 percent foreclosure filings in the first quarter. Florida accounted for nearly 9 percent of U.S. foreclosure activity, documenting 58,322 properties with a foreclosure filing during the quarter.
Some of these foreclosure numbers were artificially low because of processing delays, particularly in states where a judicial foreclosure process is utilized. This was attributed to the ongoing federal investigation of the foreclosure process in these states. States where non-judicial foreclosure process is employed had the 20 highest first quarter foreclosure rates among metropolitan areas. Las Vegas continued to remain in the number one position with the country’s highest metro foreclosure rate, where one in every 31 households had a foreclosure filing in the first quarter.
According to the Mortgage Bankers Association’s quarterly National Delinquency Survey, the percentage of homeowners with mortgages that were in foreclosure or seriously delinquent fell during the first quarter of 2010, and improvement in the performance of loans taken out from 2005-07 suggests a sustainable trend.
The serious delinquency rate -- the percentage of loans in foreclosure or delinquent by 90 days or more, was 8.1 percent during the first quarter, down from 8.6 percent during the first quarter of 2010 and 9.54 percent a year ago.
The percentage of mortgages in foreclosure was 4.52 percent, down from a record high of 4.64 percent in the fourth quarter, and the percentage of loans behind by 90 days or more dropped for the fifth consecutive quarter, to 3.58 percent.
Analysts predict a steep increase in foreclosure rates when the federal investigation is completed. When this happens, it will reveal a realistic U.S. foreclosure rate. Real estate pundits predict the market would stabilize when we get an accurate picture of foreclosure filings, and this will help determine the housing market trend for the rest of 2011.
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